Oil Ends Week Higher on Renewed US-Iran Strikes; Diesel Hits Record, Fueling Inflation Concerns

Summary

Oil prices surged this week due to escalating military tensions between the U.S. and Iran, with record-high retail diesel prices in the U.S. fueling global inflation concerns. Analysts warn of further increases if the conflict deepens, while strong U.S. employment figures could prompt the Federal Reserve to raise interest rates.